All marketers are facing the same challenges: Generate more qualified leads and help grow the business while lowering their costs. With COVID-19 still rattling businesses, this issue has become even more exasperated.
Successful marketers realize that during difficult times it is more important than ever to get their message in front of prospective customers. However, they must be prudent in their spend and operate more efficiently. Cost per lead (CPL) is the standard measurement used to evaluate how much an organization is spending to generate a lead. By keeping the CPL as low as possible, companies can boost the ROI of their marketing activities while continuing to acquire new, high-quality leads for its sales team.
Below are three key areas that can help marketers generate more leads more efficiently.
Build Relevant Content
Many companies are using the wrong content to try and reach their target audience, drive awareness and get their brand affiliated with industry trends, news and analysis. As a result, they are not reaching their lead and sales goals. This wastes time, money and drives up the price of the cost per lead.
While product marketing whitepapers, position papers, videos, blogs and other forms of assets are all necessary to keep your brand front and center with potential clients and current customers alike, it is not a replacement for thought leadership, educational content that sparks an interest at the top of the lead funnel before any big decisions have been made. The two need to go hand-in-hand throughout the buying journey process and will ultimately represent a more balanced and efficient lead generation process.
Incorporate Efficient Lead Nurturing Strategy
As organizations leverage content marketing, content syndication and social media strategies to generate more leads they need to adopt a comprehensive lead nurturing strategy to increase revenue, customer loyalty and retention.
Communicating with a potential customer throughout the buying journey takes time and patience. It also takes content to continue to offer them guidance and valuable information. During this critical nurturing process, you are investing in them and influencing their buying decision.
Studies show that sending as many as 13 emails over 60 days are needed to successfully engage a client in conversation. Here is where marketing automation tools and integration with a customer relationship management platform (CRM) comes into play For instance, studies show that 40% of organizations re-engage their leads, and by doing so, gain an average of 20% more revenue. By continuously attempting to make contact and engage in conversations, you are increasing the chance of bringing a “dead” lead back to life — often discovering that the timing is now right, or the project is back on.
Make sure your leads are qualified and workable
Companies need to be able to instantly differentiate between the good lead and the bad in order to capitalize on the importance of executing an immediate follow-up. Lead scoring will add a score value to the incoming lead, that is determined by how closely the lead’s qualifications align with your company’s ideal qualifications. These leads are then prioritized so there is a better chance to reach the most interested potential customers quicker.
Incorporating lead scoring into your sales conversion process can greatly influence lead quality. In fact, a simple 10% increase in lead quality can result in a 40% increase in sales productivity, according to a recent Adobe/Marketo article.